See: Our Exploratory Data Analysis (EDA) Journey
Interactive Component
One of the analysis we performed, was to find out if the NYC 2nd Ave Line subway project has affected the construction of new buildings (and remodeling of existing ones) in it’s area of influence.
Did the NYC 2nd Ave Subway (yellow line), increase the construction/remodeling of buildings in the area?
Our Conclusions:
After a long Journey exploring the data we came to the conclusion that, it seems that the number of building permits filed, is related to the distance in blocks from the phase 1 of the 2nd Ave Line subway project.
In the interactive map above, if we click to select the complete 2001-2015 period, we can clearly see that the average percentage of increase in filed building permits is higher for buildings within 1 block of distance to the Line and lower for buildings further away from the Line.
As an interesting observation (after selecting the complete 2001-2015 period), if we look with attention we can see that, while for buildings located to left, the average increase in building permits decreases with the distance (in blocks) from the 2nd Ave Line, for buildings to right, we can see an initial decrease from one block distance to 2 blocks distance, but it slightly increases back for buildings located within 3-4 blocks to the right of the line. During our exploratory data analysis, we concluded that this seems to be caused due to the fact that this last category includes buildings that are right on the edge of the East River, which attract a higher number of projects, due to the water views.
Did the NYC 2nd Ave Subway Line, positively affect the number of real estate sales in the area?
Similarly, it also seems that the number of real estate transactions is related to the distance in blocks from the phase 1 of the 2nd Ave Line subway project. We can see a strong increase in sales activty immediately around the subway line in the 2016 and 2017 periods from the baseline of 2014 as more and more people recognize the utility of the subway.
Did the NYC 2nd Ave Subway Line, positively affect the real estate sales by notional volume in the area?
By looking at the notional sales activity, we can see the compounding effect of sales prices being higher in the area along with increased transaction activity near the subway line. This highlights the economic benefits of building the line as rising real estate sales prices generate larger taxable transactions that can justify the expense of the subway.